The latest on developments in financial markets (all times local):4:00 p.m.U.S. stocks are staging a furious late-afternoon rally Thursday, closing with gains after erasing a 600-point drop in the Dow Jones Industrial Average. Gainers outnumbered losers in the S&P 500 by 3 to 2. The Dow Jones Industrial Average slumped around 350 points in late morning trading Thursday after dropping as much as 528 points earlier. Even with Wednesday's big gains, the Dow, S&P 500 and Nasdaq are all down more than 10 percent for the month. Bank stocks fell along with Treasury yields.

Source: ABC News December 27, 2018 14:41 UTC